The term "welfare state" describes the idea that:
A. government has a responsibility to promote the economic well-being of its citizens.
B. some areas suffer a disproportionate amount of chronic poverty.
C. some areas suffer from stagnant economic growth.
D. None of these is true.
A. government has a responsibility to promote the economic well-being of its citizens.
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Over the business cycle,
A) real GDP fluctuates around its trend. B) neither real GDP nor potential GDP fluctuates because they just grow smoothly along their trends. C) only real GDP fluctuates around its trend and potential GDP remains equal to its trend. D) only potential GDP fluctuates around its trend and real GDP remains equal to its trend. E) potential GDP fluctuates around its trend.
Long run marginal cost curves are increasing for decreasing returns to scale production technologies.
Answer the following statement true (T) or false (F)
Saving equals ________
A. income minus consumption expenditure minus net taxes B. income minus net taxes C. total income minus total expenditure D. net taxes minus government expenditure
The purchasing power parity theory is limited in its applicability by the facts that some goods are not internationally traded and some countries impose tariffs on imported goods
a. True b. False Indicate whether the statement is true or false